Most people know that having a Will is important. Yet it is one of those documents that is often postponed, forgotten about, or drafted once and never looked at again.
September is Wills Month, making it a good opportunity to ask a simple question: If something happened to you today, would your Will still reflect what you want?
Why Having a Valid Will Matters
A Will gives you the opportunity to clearly record how you would like your estate to be dealt with after your death. Among other things, it can help determine:
- Who should inherit from your estate
- Who should be appointed as executor
- Who you would like to nominate as guardian for minor children
- How certain assets should be distributed
- Whether provision should be made for children or other dependants
Without a valid Will, your estate will generally be distributed according to the Intestate Succession Act. This means that the law, rather than your personal wishes, will determine how your estate is divided.
Having a Will Is Only the First Step
Life rarely stays the same. Marriage, divorce, children, buying property, starting a business, the death of a beneficiary, or changes in your financial position can all affect your estate planning.
A Will that was suitable five or ten years ago may therefore no longer reflect your current circumstances or intentions. This is why reviewing your Will regularly is just as important as having one in the first place.
Estate Planning Is About More Than a Will
Your Will forms an important part of your estate plan, but it should not be considered in isolation. Your beneficiary nominations, life cover, investments, retirement benefits, estate costs, liquidity requirements, trusts and family circumstances may all play a role in determining what happens when you pass away.
Throughout Wills Month, we will be looking at some of these areas in more detail and highlighting a few of the important questions you should be asking when reviewing your own estate planning.
A little planning today can make an extremely difficult time simpler for the people you leave behind.
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At SWL Financial Services, we assist clients with Wills, estate planning and the broader financial considerations that can help ensure that their wishes are properly planned for.
This content is provided for general information purposes only and should not be considered financial advice. Please consult a qualified financial adviser before making financial decisions.
